The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: Elroy Jetson	3/10/2005 10:09:44 PM
	Read Replies (4) of 306849

The new bankruptcy law is really going to hit home owners hard when the downturn comes. If they just purchased a home when prices fall, they can give it back to the bank. But if they have re-financed their mortgage since they purchased their home, this is no longer an option. If you give your home back to the bank, or they foreclose, when they sell your home for less than the mortgage amount they can seek the deficiency from the defaulting home owner. Now Chapter 7 bankruptcy will not be there to give those home owners an easy out. Home owners will now be paying their mortgage for years after they lose their home to their lender. If this had been law back in 1990 a significant percentage of new Los Angeles renters would be paying mortgage payments for a long time in addition to their rent payments. This is so classic. Now that all the sheep are in the pen, burdened down with huge mortgages, it's time to close the gate. .

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